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Fueling the Economic Engine: Remarks From STA's 91st Annual Market Structure Conference
By Jim Toes
STA President and CEO
The last time STA held its Annual Conference in Florida was September 2011 - 13 years ago. Back then, when I walked onto the stage to welcome everyone, the Occupy Wall Street protests were at their peak in Zuccotti Park, at the helm of New York's Financial District. In the aftermath of the Great Recession, public distrust of the private sector and government was high. Even though our sector of the capital markets had no direct role in the mortgage crisis, we were still lumped in under the broader umbrella of “Wall Street.”
It wasn’t the first time that our industry has faced such public outrage, and it certainly won’t be the last. As professionals who have been doing this for a long time, we know that criticism—whether justified or not—can wear on your psyche and dampen your enthusiasm for your work and the career choices you’ve made. But I’m here to remind you: Don’t let that happen.
We work in an incredibly dynamic industry that is not only essential to our economic well-being, but is also one of the key drivers behind America’s global strength. We have, by any measure, the best capital markets in the world. Capitalism has allowed these markets to thrive, enabling innovation, job creation, and wealth-building opportunities on a massive scale. An idea that starts in a garage with a few college friends can grow into a multi-billion-dollar company, employing thousands of people, and contributing to the vibrancy of our economy. This kind of success story happens more often and more quickly in the United States than anywhere else in the world, thanks to the markets we steward.
These markets not only provide businesses with the capital they need to grow, but they also offer opportunities for millions of Americans to invest, save for the future, and achieve financial security. The power of capitalism lies in its ability to turn ideas into industries and vision into reality, fostering competition and innovation that benefit us all. It’s this system that has made America a global economic powerhouse, and our industry is at the heart of it.
So when you leave here, we hope you’re a little smarter, that you’ve made a new business relationship or deepened an existing one, but more importantly, that you leave with a renewed appreciation for the industry we are so fortunate to be part of and the vital role it plays in shaping the lives of millions of people. Our industry matters, the work we do matters because together they fuel the engine of our economy, and that’s something to be proud of.
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